MIRA
INFORM REPORT
|
Report Date : |
07.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
POSITIVE PACKAGING INDUSTRIES LIMITED |
|
|
|
|
Registered
Office : |
98, Jolly Maker Chambers No. 2, Nariman Point, Mumbai –
400021, Maharashtra |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as
on) : |
31.03.2012 |
|
|
|
|
Date of
Incorporation : |
10.05.1994 |
|
|
|
|
Com. Reg. No.: |
11-078296 |
|
|
|
|
Capital
Investment / Paid-up Capital : |
Rs. 537.930 Millions |
|
|
|
|
CIN No.: [Company Identification
No.] |
U74952MH1994FLC078296 |
|
|
|
|
TAN No.: [Tax Deduction &
Collection Account No.] |
MUME04200A |
|
|
|
|
PAN No.: [Permanent Account No.] |
AAACP2836Q |
|
|
|
|
Legal Form : |
A Closely held Public Limited Liability Company |
|
|
|
|
Line of Business
: |
Manufacturing of Flexible Packaging Material, Laser / Electronically Engraved Printing Cylinders, Cast Poly Propylene Film and Metallised Film. |
|
|
|
|
No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (50) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 9435400 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Exist |
|
|
|
|
Comments : |
Subject is a part of “Enpee Group of Companies”, promoted by Mr. N.P. Kirpalani a non resident Indian based in Nigeria. It is an established company having a satisfactory track record. There appears a significant increase in the net sales as well as net profitability during 2012. Financially the company appears to be strong. Trade relations are fair. Business is active. Payment terms are reported as usually correct. In view of experienced promoters the company can be considered normal for business dealings at usual trade terms and conditions. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
We are living in a world
where volatility and uncertainty have become the New Normal. We saw a
change of government in countries like Tunisia, Egypt, Libya and Vietnam. Once
powerful countries in Europe are now fighting for bankruptcy. We have
taken growth in the developing part of the world for granted but economic
growth in China and India has begun to slow. Companies that were synonymous
with their product categories just a few years ago are now no longer in
existence. Kodak, the inventor of the digital camera had to wind up its
operations, HMV, the British entertainment retailing company and Borders, once
the second largest bookstore have shut down due to their inability to evolve
their business models with the changing time. Readers’ Digest, Thomson Register
are no more !
There is another
megatrend happening. The World order is changing as economic power shifts from
West to East. According to McKinsey study, it took Britain more than 100 years
to double its economic output per person during its industrial revolution and the
US later took more than 50 years to do the same. More than a century later,
China and India have doubled their GDP per capital in 12 and 18 years
respectively. By 2020, emerging Asia will become the world’s largest consuming
block, overtaking North America.
The years after the
outbreak of the global financial crisis, the world economy continues to remain
fragile. The Indian economy demonstrated remarkable resilience in the initial
years of the contagion but finally lost ground last year. GDP growth slowed
down. Currency has been weakening. There is a marked deceleration in
agriculture, industry and services. Dampening sentiment led to a cut-back in
investment as well as private consumption expenditure. Inflation remained
at high levels fuelled by the pressure from the food and fuel sectors. The
large fiscal and current account deficit s continued to cause grave concern. It
is imperative that India regains its growth trajectory of 8-9 % sooner than
later. This is crucially important given the need to create gainful livelihood
opportunities for the millions living in poverty as also the large contingent
of young people joining the job market every year.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
CRISIL |
|
Rating |
Long term rating : A- |
|
Rating Explanation |
Adequate degree
of safety and low credit risk. |
|
Date : |
December 26,
2012 |
|
Rating Agency Name |
CRISIL |
|
Rating |
Short term rating : A2+ |
|
Rating Explanation |
Strong degree of
safety and low credit risk. |
|
Date : |
December 26,
2012 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter in
the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
LOCATIONS
|
Registered / Head Office : |
98, Jolly Maker Chambers No. 2, Nariman Point, Mumbai –
400021, Maharashtra, India |
|
Tel. No.: |
91-22-22837206 (5 lines)/ 30011700 |
|
Fax No.: |
91-22-22023774 |
|
E-Mail : |
positive@positivepackaging.com |
|
Website : |
|
|
|
|
|
Commercial/ Corporate Office : |
202, A-Wing, Sector-15, The Great Eastern Summit, CBD Belapur, Navi Mumbai – 400614, Maharashtra, India |
|
Tel No.: |
91-22-39211400 |
|
Fax No.: |
91-22-39211430 |
|
|
|
|
Factory 1 : |
Village Ransai, Km. 16, Khopoli - Pen Road, P.B No. 37, Taluka Khalapur, Khopoli – 410203, Maharashtra, India |
|
Tel. No.: |
91-2192-391300-391309 |
|
Fax No.: |
91-2192-391510 |
|
E-Mail: |
|
|
|
|
|
Factory 2 : |
Positive Packaging Ambernath 21/1, Chikhloli MIDC, Kalyan Badlapur Road, Ambernath West, District Thane – 421505, Maharashtra, India |
|
Tel. No.: |
91-251-2685300 |
|
Fax No.: |
91-251-2683300 |
|
|
|
|
Overseas Office 1 : |
Positive Packaging Industries (Pty.) Limited Suite 1a, Strathway Strathmore Park, 305 Musgrave Road, Durban 4001
(South Africa), PO Box 50602, Musgrave, Durban 4062 South Africa |
|
Tel. No.: |
+ 27 31 202 2096 |
|
Fax No.: |
+ 27 31 202 3920 |
|
E-Mail : |
|
|
|
|
|
Overseas Office 2 : |
Positive Packaging Europe 5th Floor, 116 Baker Street, London W1U 6TS, United Kingdom |
|
Tel. No.: |
+ 44 (0) 20 7935 7124 |
|
Fax No.: |
+ 44 (0) 20 7935 6495 |
|
E-Mail : |
DIRECTORS
AS ON 29.09.2012
|
Name : |
Mr. Naraindas Parmanad Kriplani |
|
Designation : |
Chairman |
|
Address : |
No. 6 Bourdillon Road, Flat 6, 2nd Floor, Old Lkoyi Lagos, Nigeria |
|
Date of Birth/Age : |
26.10.1935 |
|
Date of Appointment : |
09.08.1994 |
|
PAN No.: |
AFYPK1834M |
|
DIN No.: |
00062471 |
|
|
|
|
Name : |
Mr. Ashok Santadas Lakhani |
|
Designation : |
Vice Chairman |
|
Address : |
51-A, Miramar, 3
Napeansea Road, Mumbai – 400036, Maharashtra, India |
|
Date of Birth/Age : |
29.07.1949 |
|
Date of Appointment : |
09.08.1994 |
|
PAN No.: |
AAAPL2830R |
|
DIN No.: |
00047221 |
|
|
|
|
Name : |
Mr. Pranesh Madhu Kankanwadi |
|
Designation : |
Wholetime Director |
|
Address : |
B-34, Sudarshan Co-Operative Housing Society, Plot No. 38,
Sector 17, Vashi, Navi Mumbai – 400705, |
|
Date of Birth/Age : |
11.01.1965 |
|
Date of Appointment : |
01.10.2008 |
|
PAN No.: |
AAIPK3904F |
|
DIN No.: |
00047425 |
|
|
|
|
Name : |
Mr. Chitoor Hariharan Laxminarayan |
|
Designation : |
Wholetime Director and Member of Audit Committee |
|
Address : |
2/295, |
|
Date of Birth/Age : |
22.10.1957 |
|
Qualification : |
CA |
|
Date of Appointment : |
26.09.2002 |
|
PAN No.: |
AACPC5466E |
|
DIN No.: |
00062585 |
|
|
|
|
Name : |
Mr. Sanjay Naraindas Kirpalani |
|
Designation : |
Director |
|
Address : |
4 A, |
|
Date of Birth/Age : |
16.09.1966 |
|
Date of Appointment : |
24.09.2005 |
|
DIN No.: |
00088075 |
|
|
|
|
Name : |
Mr. Ganga Ram Nilacanta Iyer |
|
Designation : |
Director |
|
Address : |
703, |
|
Date of Birth/Age : |
22.09.1934 |
|
Qualification : |
M. A., C.A.I.I.B. and Fellow of Economic Development Institute, World Bank |
|
Date of Appointment : |
21.05.1996 |
|
DIN No.: |
00001246 |
|
|
|
|
Name : |
Mr. Anil
Krishnaji Kale |
|
Designation : |
Director |
|
Address : |
F, Wing, 205, |
|
Date of Birth/Age : |
01.12.1958 |
|
Qualification : |
ACS, ACWA |
|
Date of Appointment : |
26.09.2002 |
|
PAN No.: |
AABPK4641G |
|
DIN No.: |
00046855 |
|
|
|
|
Name : |
Mr. Anil
Bhagwandas Sadhwani |
|
Designation : |
Director |
|
Address : |
75, Lady Aylesford Avenue, Stanmore HA7 4 FG, Middlesex, England |
|
Date of Birth/Age : |
17.10.1959 |
|
Date of Appointment : |
01.08.2012 |
|
DIN No.: |
05345531 |
|
|
|
|
Name : |
Mr. Ashok
Vishvanath Kamble |
|
Designation : |
Director |
|
Address : |
F 101, Lenyandri Chs, Sector 19A, Nerul, Navi Mumbai - 400706, Maharashtra, India |
|
Date of Birth/Age : |
11.03.1965 |
|
Date of Appointment : |
01.08.2012 |
|
DIN No.: |
05345532 |
|
|
|
|
Name : |
Mr. Vilas Madhukar
Dighe |
|
Designation : |
Director |
|
Address : |
Tehmi Terrace Society, Dr Ambedkar Road, Dadar (East), Mumbai - 400014, Maharashtra, India |
|
Date of Birth/Age : |
23.10.1947 |
|
Date of Appointment : |
01.08.2012 |
|
DIN No.: |
02064647 |
KEY EXECUTIVES
|
Name : |
Ms. Rakhi Pradeep Chavan |
|
Designation : |
Secretary |
|
Address : |
A/10, Sudarshani CHS Limited, Sector 2, Plot No 480, Airoli, Navi Mumbai - 400708, Maharashtra, India |
|
Date of Birth/Age : |
30.08.1985 |
|
Date of Appointment : |
06.09.2012 |
|
PAN No.: |
AHJPC0427B |
|
|
|
|
Name : |
Mr. Pravin Desai |
|
Designation : |
DGM in HR and Admin |
MAJOR SHAREHOLDERS
AS ON 29.09.2012
|
Names of Shareholders (Equity Share) |
|
No. of Shares |
|
Far East Holding limited, |
|
34990405 |
|
C H Laxminarayan |
|
36 |
|
N P Kriplani |
|
11833 |
|
Ashok Lakhani |
|
4471 |
|
Star Services and Investment Limited, |
|
662956 |
|
L Ramkrishnan |
|
18 |
|
Mekhala C Laxminarayan |
|
18 |
|
Goldera International Limited, Mauritius |
|
1846707 |
|
|
|
|
|
Total |
|
37516444 |
|
Names of Shareholders (Preference Share) |
|
No. of Shares |
|
Far East Holding limited, |
|
2031840 |
|
|
|
|
|
Total |
|
2031840 |
AS ON 27.12.2012
|
Names of Allottee (Equity Share) |
|
No. of Shares |
|
Far East Holding limited, |
|
2924020 |
|
|
|
|
|
Total |
|
2924020 |
AS ON 29.09.2012
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
99.96 |
|
Directors
or relatives of directors |
|
0.04 |
|
Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturing of Flexible Packaging Material, Laser / Electronically Engraved Printing Cylinders, Cast Poly Propylene Film and Metallised Film. |
||||||||||||
|
|
|
||||||||||||
|
Products : |
|
GENERAL INFORMATION
|
No. of Employees : |
Not Available |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Bankers : |
State Bank of India, Mumbai Backbay Reclamation Branch, Raheja Chamber, Nariman Point, Mumbai –
400021, Maharashtra, India |
||||||||||||||||||||||||||||||
|
|
|
||||||||||||||||||||||||||||||
|
Facilities : |
|
||||||||||||||||||||||||||||||
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
Price Waterhouse Chartered Accountants |
|
Address : |
252, Veer Savarkar Marg, Nextto Mayor’s Bunglow, Shivaji Park, Mumbai – 400028, Maharashtra, India |
|
PAN.: |
AAFFP3698A |
|
|
|
|
Holding Company : |
Far East Holding Limited ( |
|
|
|
|
Subsidiary Company : |
ICM Packaging Private Limited [U74950MH2007PTC174475] |
|
|
|
|
Fellow Subsidiaries : |
·
Star Services and Investments Limited ·
Glodera International Limited |
|
|
|
|
Enterprises which
are owned, or have significant influence of or are partners with Key management
personnel and their relatives: |
· Positive Packaging Industries South Africa (Pty) Limited · Positive Packaging Industries Nigeria Limited · Montana Exports Private Limited [U51900MH1992PTC068505] · Fine Chemicals Nigeria Limited · Avon Crowncaps and Containers (Nig.) Plc. · Acumen Enterprises FZCO · Positive Packaging United (M.E.) FZCO · Primetech M.E. FZCO · Alpha Corporation Limited · Dubai Flex pack (LLC) · Positive Packaging East Africa (Pty) Limited ·
Gravics Systems South Africa (Pty) Limited
(w.e.f. June 18, 2011) |
CAPITAL STRUCTURE
After 29.09.2012
Authorised Capital : Rs. 728.000 Millions
Issued, Subscribed & Paid-up Capital : Rs. 624.394
Millions
AS ON 29.09.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50300000 |
Equity Shares |
Rs.10/- each |
Rs. 503.000 Millions |
|
2200000 |
Preference Shares |
Rs.100/- each |
Rs. 220.000 Millions |
|
|
Total |
|
Rs. 723.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
37516444 |
Equity Shares |
Rs.10/- each |
Rs. 375.160 Millions |
|
2031840 |
Preference Shares |
Rs.100/- each |
Rs. 203.180 Millions |
|
|
Total |
|
Rs. 578.340 Millions |
AS ON 31.03.2012
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50300000 |
Equity Shares |
Rs.10/- each |
Rs. 503.000 Millions |
|
2200000 |
Preference Shares |
Rs.100/- each |
Rs. 220.000 Millions |
|
|
Total |
|
Rs. 723.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
37516444 |
Equity Shares |
Rs.10/- each |
Rs. 375.160 Millions |
|
1627746 |
Preference Shares |
Rs.100/- each |
Rs. 162.770 Millions |
|
|
Total |
|
Rs. 537.930 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2012 |
31.03.2011 |
|
I.
EQUITY AND LIABILITIES |
|
|
|
|
(1)Shareholders' Funds |
|
|
|
|
(a) Share Capital |
|
537.930 |
418.310 |
|
(b) Reserves & Surplus |
|
1820.920 |
1522.870 |
|
(c) Money received against share warrants |
|
0.000 |
0.000 |
|
|
|
|
|
|
(2) Share Application money
pending allotment |
|
0.000 |
0.000 |
|
Total
Shareholders’ Funds (1) + (2) |
|
2358.850 |
1941.180 |
|
|
|
|
|
|
(3)
Non-Current Liabilities |
|
|
|
|
(a) long-term borrowings |
|
1235.270 |
613.280 |
|
(b) Deferred tax liabilities (Net) |
|
147.540 |
131.240 |
|
(c) Other long
term liabilities |
|
53.240 |
86.010 |
|
(d) long-term
provisions |
|
21.960 |
23.460 |
|
Total Non-current
Liabilities (3) |
|
1458.010 |
853.990 |
|
|
|
|
|
|
(4)
Current Liabilities |
|
|
|
|
(a)
Short term borrowings |
|
903.450 |
876.500 |
|
(b)
Trade payables |
|
841.280 |
809.710 |
|
(c) Other
current liabilities |
|
415.870 |
209.280 |
|
(d) Short-term
provisions |
|
83.430 |
32.910 |
|
Total Current
Liabilities (4) |
|
2244.030 |
1928.400 |
|
|
|
|
|
|
TOTAL |
|
6060.890 |
4723.570 |
|
|
|
|
|
|
II.
ASSETS |
|
|
|
|
(1)
Non-current assets |
|
|
|
|
(a)
Fixed Assets |
|
|
|
|
(i)
Tangible assets |
|
2044.060 |
2072.610 |
|
(ii)
Intangible Assets |
|
14.160 |
5.440 |
|
(iii)
Capital work-in-progress |
|
345.060 |
22.040 |
|
(iv)
Intangible assets under development |
|
0.000 |
0.000 |
|
(b) Non-current Investments |
|
55.140 |
0.000 |
|
(c) Deferred tax assets (net) |
|
0.000 |
0.000 |
|
(d) Long-term Loan and Advances |
|
640.580 |
112.100 |
|
(e) Other
Non-current assets |
|
25.630 |
32.160 |
|
Total Non-Current
Assets |
|
3124.630 |
2244.350 |
|
|
|
|
|
|
(2)
Current assets |
|
|
|
|
(a)
Current investments |
|
0.000 |
0.000 |
|
(b)
Inventories |
|
1024.560 |
778.370 |
|
(c) Trade
receivables |
|
1448.760 |
1277.290 |
|
(d) Cash
and cash equivalents |
|
62.010 |
54.490 |
|
(e)
Short-term loans and advances |
|
258.810 |
236.610 |
|
(f)
Other current assets |
|
142.120 |
132.460 |
|
Total
Current Assets |
|
2936.260 |
2479.220 |
|
|
|
|
|
|
TOTAL |
|
6060.890 |
4723.570 |
|
SOURCES OF FUNDS |
|
|
31.03.2010 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
448.220 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
1413.580 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
1861.800 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
724.650 |
|
|
2] Unsecured Loans |
|
|
132.190 |
|
|
TOTAL BORROWING |
|
|
856.840 |
|
|
DEFERRED TAX LIABILITIES |
|
|
164.010 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2882.650 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
1484.170 |
|
|
Capital work-in-progress |
|
|
131.160 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
739.470
|
|
|
Sundry Debtors |
|
|
861.560
|
|
|
Cash & Bank Balances |
|
|
120.250
|
|
|
Other Current Assets |
|
|
0.000
|
|
|
Loans & Advances |
|
|
410.260
|
|
Total
Current Assets |
|
|
2131.540 |
|
|
Less :
CURRENT LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
717.960
|
|
|
Other Current Liabilities |
|
|
74.800
|
|
|
Provisions |
|
|
71.460
|
|
Total
Current Liabilities |
|
|
864.220 |
|
|
Net Current Assets |
|
|
1267.320
|
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
2882.650 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
7232.970 |
6120.360 |
4980.520 |
|
|
|
Other Income |
111.540 |
67.140 |
65.350 |
|
|
|
TOTAL (A) |
7344.510 |
6187.500 |
5045.870 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Cost of Material |
4811.560 |
4366.430 |
|
|
|
|
Purchases of stock-in-trade |
76.120 |
39.900 |
|
|
|
|
Changes in inventories of finished goods, work-in-progress and stock-in-trade |
(81.460) |
(10.500) |
|
|
|
|
Employee benefit expense |
492.400 |
415.240 |
|
|
|
|
Other Expenses |
1028.880 |
823.360 |
|
|
|
|
TOTAL (B) |
6327.500 |
5634.430 |
4467.440 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1017.010 |
553.070 |
578.430 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
198.630 |
133.140 |
74.220 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
818.380 |
419.930 |
504.210 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
301.040 |
242.260 |
(264.420) |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
517.340 |
177.670 |
768.630 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
193.320 |
38.270 |
266.410 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
324.020 |
139.400 |
502.220 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
747.040 |
667.660 |
219.610 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
201.470 |
0.000 |
0.000 |
|
|
|
Transfer to Capital Redemption Reserve |
29.910 |
29.910 |
16.670 |
|
|
|
Preference Dividend |
3.590 |
7.180 |
14.070 |
|
|
|
Proposed Equity Dividend |
18.760 |
18.760 |
17.990 |
|
|
|
Dividend Distribution Tax |
3.620 |
4.170 |
5.440 |
|
|
BALANCE CARRIED
TO THE B/S |
813.710 |
747.040 |
667.660 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
|
2481.420 |
1998.280 |
|
|
|
Technical Service Fees |
|
0.000 |
0.000 |
|
|
|
Commission Earnings |
|
0.000 |
0.000 |
|
|
|
Other Earnings |
|
0.740 |
1.861 |
|
|
TOTAL EARNINGS |
3056.000 |
2482.160 |
2000.141 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
1279.560 |
1044.170 |
|
|
|
Stores & Spares |
|
1688.190 |
1143.410 |
|
|
|
Capital Goods |
|
377.350 |
70.480 |
|
|
TOTAL IMPORTS |
NA |
3345.100 |
2258.060 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
|
|
|
|
|
|
Basic |
8.53 |
3.49 |
3.67 |
|
|
|
Diluted
|
8.52 |
3.49 |
13.50 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2012 |
31.03.2011 |
31.03.2010 |
|
PAT / Total
Income |
(%) |
4.41
|
2.25
|
9.95 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.15
|
2.90
|
15.43
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
9.14
|
3.78
|
21.26
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.22
|
0.09
|
0.41
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.91
|
0.77
|
0.46
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.31
|
1.29
|
2.47
|
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check List by Info Agents |
Available in Report
(Yes / No) |
|
1] |
Year of Establishment |
Yes |
|
2] |
Locality of the firm |
Yes |
|
3] |
Constitutions of the firm |
Yes |
|
4] |
Premises details |
No |
|
5] |
Type of Business |
Yes |
|
6] |
Line of Business |
Yes |
|
7] |
Promoter's background |
Yes |
|
8] |
No. of employees |
No |
|
9] |
Name of person contacted |
No |
|
10] |
Designation of contact
person |
No |
|
11] |
Turnover of firm for last
three years |
Yes |
|
12] |
Profitability for last
three years |
Yes |
|
13] |
Reasons for variation
<> 20% |
-- |
|
14] |
Estimation for coming
financial year |
No |
|
15] |
Capital in the business |
Yes |
|
16] |
Details of sister
concerns |
Yes |
|
17] |
Major suppliers |
No |
|
18] |
Major customers |
No |
|
19] |
Payments terms |
No |
|
20] |
Export / Import details
(if applicable) |
No |
|
21] |
Market information |
-- |
|
22] |
Litigations that the firm
/ promoter involved in |
Yes |
|
23] |
Banking Details |
Yes |
|
24] |
Banking facility details |
Yes |
|
25] |
Conduct of the banking
account |
-- |
|
26] |
Buyer visit details |
-- |
|
27] |
Financials, if provided |
Yes |
|
28] |
Incorporation details, if
applicable |
Yes |
|
29] |
Last accounts filed at
ROC |
Yes |
|
30] |
Major Shareholders, if
available |
Yes |
|
31] |
Date of Birth of Proprietor/Partner/Director,
if available |
Yes |
|
32] |
PAN of
Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of
Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating,
if available |
Yes |
UNSECURED LOANS
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. In Millions) |
|
|
LONG-TERM
BORROWINGS |
|
|
|
Other external commercial borrowings |
305.280 |
133.740 |
|
Deferred payment liabilities |
68.020 |
87.690 |
|
SHORT-TERM
BORROWINGS |
|
|
|
Deposits from directors |
9.000 |
19.000 |
|
Total |
382.300 |
240.430 |
CASE DETAILS
|
Stamp No.:- |
WPST/30079/2011 |
Filing Date:- |
15/11/2011 |
|
Petitioner:- |
COMMISSIONER OF CENTRAL EXCISE - |
Respondent:- |
M/S. POSITIVE PACKAGING INDUSTRIES AND ORS |
|
Petn. Adv.:- |
R. B. PARDESHI |
|
|
|
District:- |
MUMBAI |
|
|
|
Bench:- |
DIVISION |
|
|
|
Status:- |
Pre-Admission |
|
|
|
Last Date:- |
27/02/2012 |
Stage:- |
FOR ORDERS |
|
Last Coram:- |
REGISTRAR (JUDICIAL) |
|
|
|
Act :- |
Other Act |
OPERATING RESULTS AND
PROFITABILITY
The Net Revenue for the year has shown a growth of 19% from Rs.6120.000 million to Rs.7233.000 million. Though the growth in volume terms remained constant at 8%, the value growth was driven by higher sales realizations both in domestic and export segments. Export earnings contributed significantly due to depreciation of rupee in second half of the financial year.
Domestic Sales increased by 12% from Rs.3362.000 million in the previous year to Rs. 3758.000 million. Export Sales grew by 27% to Rs.3316.000 million as against Rs.2603.000 million.
The growth in profitability is attributable to sustained
efforts made by the Company to improve operational efficiency, cost saving
measures initiated and favourable exchange rates. The rise in human resources
cost was due to new recruitments to support increased operations, to retain
talent and to provide training and development. Higher interest rates,
increased utilisation of working capital limits and servicing of term loans
availed for funding the expansion are the prime reasons for the increase in finance
cost.
PERFORMANCE OF
DIVISIONS AND BRANCH
Flexibles - Positive
Packaging
Flexibles Division achieved Sales of Rs.6364.000 million as compared to Rs.5290.000 million in the previous year, recording a growth of 17%.
Rotogravure Printing
Cylinders - Acuprint Systems
Sales of the Cylinder Division were Rs.417.000 million as against Rs. 386.000 million during the previous year, showing a growth of 8%.
Metallised Film - Sai
Metaplast
This Division has achieved Sales of Rs.55.000 million during the year as against Rs. 47.000 million in the previous year. The value increase was due to additional share of manufactured sales as compared to job work. The volumes have gone down from 3,646 MT to 3,137 MT, a drop of 15% due to lack in demand.
Cast Polypropylene
Films - Vista Film Packaging
The Division has been able to maintain Sales at Rs.397.000 million, same as per previous year, despite 6% drop in volume from 4,536 MT to 4,257 MT. This was possible due to increase in value add business of metallised film and unprinted laminates exports. Depreciation of rupee has helped in improving the realisation.
U.K. Branch -
Positive Packaging Europe
The Company’s efforts to service better with stock and sale operations through the Branch are being well appreciated by customers. The Branch has maintained close co-ordination, availability of stock and logistics support. This has helped the Branch to increase its revenue by 52% to Rs.460.000 million from Rs. 302.000 million in the previous year.
OUTLOOK
Financial year 2011-12 was one of the most challenging years with the
slowdown of the economy, unabated inflation and high interest rates.
Amendments proposed to give retrospective effect to taxation provisions
and General Anti-Avoidance Rules (GAAR) have shaken the confidence of India
Inc. and investors, culminating in India reporting its lowest GDP growth in the
Q4 of the fiscal year. The global environment also remained weak due to
continuing Euro Zone crisis, US economy showing insignificant recovery and
China registering a slow down after enjoying consistent growth for many years.
The Flexible Packaging industry continues to ride on customer preference
over rigid packaging due to benefits such as functional convenience in handling
and transportation, cost effectiveness, sustainability and shelf appeal. Brand
protection from counterfeiting is also one of the reasons why more and more
products are turning to flexible packaging and hence it has been witnessing
growth on year on year basis.
Larger Companies have been facing challenges from small units in terms
of pricing. But the trend seems to be changing steadily in favour of larger
Companies due to failure of smaller units in deployment of latest and
state-of-the-art technologies to provide innovative solutions to meet the
customer demands.
Though, Packaging segment is not recession proof, Flexible packaging, in
particular, enjoys distinct advantages over others because of the nature of the
market it serves i.e. non-discretionary consumer category like food, hygiene
and personal care products to name a few.
Globally, the flexible packaging industry has been growing at 3-5% per
annum. In India , flexible packaging sector is historically growing at the rate
of 15-18% per annum.
Innovation will be the key driver of the growth for flexible packaging
industry. The Company is well positioned to exploit the potential to sustain
the growth in the coming years.
The Company has been growing at a healthy rate and expects to maintain
the momentum in the coming years.
Net Sales for the first five months of the current financial year
2012-13 i.e. from April to Aug 2012 are Rs. 3149.000 million as against
Rs.2686.000 million in the corresponding period of the previous year,
registering a growth of 17%.
EXPANSION AND
DIVERSIFICATION PLANS
Flexibles Project
at Bengaluru
The Board had approved putting up a green field project for flexible
packaging project in the 2010-11 at Bengaluru. However, looking to the
uncertainty created due to steep rise in raw material prices, attempts to put
restrictions on usage of plastics for packaging and its likely impact on
demand, the Board had decided to defer the project for some time.
In the intervening period, the Company has expanded Flexibles capacity
at its Khopoli Plant and also acquired a new Unit with Flexo Printing
facilities. There is stability in raw material prices and no adverse effect on
demand for flexible packaging has been witnessed. In view of these positive
developments, the Board has decided to go ahead with the project and a decision
would be taken by end of September 2012 after evaluating suitable technology,
products and type of machineries to be bought for the project.
In order to expedite project implementation, preliminary civil
construction activities have been initiated at site.
New Acquisition Flexographic Printing the Company is continuously on the
lookout for growth- organic or inorganic. The Company had identified a Unit
known as ICM Packaging Private Limited (ICM) at Ambernath, near Mumbai, Maharashtra.
This Unit has got latest flexographic printing facility and two 7 layer Blown
Film lines. As Bengaluru project, which was originally intended to set up with
flexo printing facilities was deferred, the Company has decided to take over
such a readily available manufacturing unit so that operations could commence
immediately to tap the unexplored market for these products.
The Unit has become a Wholly-owned Subsidiary of the Company w.e.f. 27
th March 2012.
RENEWSYS DIVISION
Ethylene Vinyl Acetate
(EVA) Film
The EVA project has been executed as per schedule and trial runs have
been completed in March 2012. There were minor technical issues which have been
addressed by the machinery manufacturer in April 2012. Also, certification from
TUV, a worldwide Inspection, Certification and Testing organization for Energy
Sector and Consent to Operate from the Karnataka State Pollution Control Board
have been received subsequently.
Due to withdrawal or reduced support to solar industry from Governments
globally, this industry is witnessing a slowdown. Solar projects have been kept
on hold and this has affected the demand for their product which is used in
solar panels. The Division is in the process of getting the customer approvals
for its production facility and product quality and the orders are expected to
be received thereafter.
The Division would be facing a challenging situation unless the demand
picks up. The Division may not achieve the projected sales and profitability in
the current financial year.
Back Sheet for
Solar Panels
The technology for manufacture of back sheets has been finalized and
accordingly orders for machineries have been released. The project is under
execution and is expected to go on stream in the first quarter of 2013.
CONTINGENT
LIABILITIES:
|
Particulars |
31.03.2012 |
31.03.2011 |
|
|
(Rs. in Millions) |
|
|
Disputed tax demand / claims: |
|
|
|
Sales tax |
0.370 |
0.370 |
|
Excise duty * |
54.580 |
55.260 |
|
Claims against the Company not acknowledged as debts |
0.000 |
0.070 |
|
Total |
54.950 |
55.700 |
|
Note: * Excise duty
matters pending in appeal include Rs.6.760 million (Rs. 6.76 million) decided
in favour of the Company by the lower authorities. |
||
FIXED ASSETS:
Land
Buildings
Plant and equipment
Furniture and fixtures
Vehicles
Office equipment
Leasehold improvements
Goodwill
Computer software
PRESS RELEASE:
SGRE LABELS
BANGALORE, ACQUIRED BY POSITIVE PACKAGING!
FRIDAY, OCTOBER
12, 2012
Mumbai based Positive Packaging Industries Limited the flagship company
of Enpee Group, an international
conglomerate with over 50 years of business experience, has in a recent move
acquired Bangalore based SGRE Labels Private Limited. Positive Packaging is a
pioneer in flexible packaging with state-of-the-art facilities located
strategically in India, Nigeria and the U.A.E. They offer packaging solutions
to customers in various countries through a robust international sales &
and service network, catering to diverse sectors including FMCG, Agro
products and Pet food.
This acquisition is a part of a series of moves in the Indian label
industry, which seems to be undergoing a transformation by partnering with
larger players to meet the challenges of globally active label printing
companies indulging in domestic markets. This also provides the companies so
acquired an access to international markets. I reproduce below the press
release from Positive Packaging;
Positive Packaging
continues growth and diversification, acquires Label manufacturing
business: Move to address demand for superior, multifunction labels, from
existing clients and add new customers.
Mumbai, India, 18
Sep 2012: Positive Packaging Industries Limited is pleased to announce the acquisition
of Label manufacturing business of “SGRE Labels Private Limited”, in a bid to
offer its customers single stop packaging solutions. This acquisition follows
the recent integration of ICM Packaging and is part of Positive’s vision to
have the ‘Preferred Supplier’ status with its customers and equips Positive
with state-of-the-art label packaging equipment and infrastructure.
Explaining the strategic acquisition, Mr. Pranesh Kankanwadi,
Group Managing Director, Positive Packaging says, “We have observed the
increased scope of requirements of our customers, who prefer to deal with a
single supplier for a wider range of their packaging requirements. One of the
requirements is labels. Being prompt to react to our customers’ needs, we
clinched the opportunity to provide superior labelling solutions at par with
global standards that Positive is known for.
The label manufacturing business of “SGRE Labels Private Limited” is
located at Bengaluru. The Company has state of the art European machines with
additional equipment scheduled for commissioning in March 2013. The company has
in house design facility, managed by a experienced technical team. To
facilitate the quick turnaround of short run jobs and product sampling, company
is also equipped with HP Indigo Digital Printing/Converting equipment.
The continued significant investments underline Positive’s commitment to
all stakeholders to grow the relationship in a mutually beneficial manner.
Positive Packaging, a part of the international conglomerate, the Enpee
Group; is a one-stop source for quality, printed and laminated, barrier-grade
flexible packaging with manufacturing facilities in India, Nigeria and U.A.E.
In India, Positive Packaging is a leading player in the flexible packaging
space.
INDEX OF CHARGES
|
S.No. |
Charge ID |
Date of Charge
Creation/Modification |
Charge amount
secured |
Charge Holder |
Address |
Service Request
Number (SRN) |
|
1 |
10345354 |
24/12/2012 * |
300,000,000.00 |
State Bank of India |
BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBERS, FREE |
B66999384 |
|
2 |
10321431 |
12/12/2011 |
167,378,990.00 |
LANDESBANK BADEN-WURTTEMBERG |
Am Hauptbahnhof 2, 70173 Stuttgart, Federal Republic of Germany, STUTTGART, - 70173, GERMANY |
B27047331 |
|
3 |
10221241 |
13/04/2011 * |
450,000,000.00 |
Standard Chartered Bank |
Crescenzo, 3A/F, Plot no. C-38 and 39, G Block, Bandra Kurla
Complex, Bandra, Mumbai, Maharashtra - 4 |
B11994233 |
|
4 |
10168717 |
11/05/2012 * |
1,494,000,000.00 |
STATE BANK OF INDIA |
BACKBAY RECLAMATION BRANCH, RAHEJA CHAMBER, NARIMAN POINT, MUMBAI, Maharashtra - 400021, INDIA |
B40769184 |
* Date of charge modification
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its
beneficial owners, controlling shareholders or senior officers as terrorist or
terrorist organization or whom notice had been received that all financial
transactions involving their assets have been blocked or convicted, found
guilty or against whom a judgement or order had been entered in a proceedings
for violating money-laundering, anti-corruption or bribery or international
economic or anti-terrorism sanction laws or whose assets were seized, blocked,
frozen or ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No exist to suggest that subject is or was
the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property
or assets of the subject are derived from criminal conduct or a prohibited
transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No
record exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our
market survey revealed that the amount of compensation sought by the subject is
fair and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 65.96 |
|
|
1 |
Rs. 102.91 |
|
Euro |
1 |
Rs. 86.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
50 |
This score serves as a reference to
assess SC’s credit risk and to set the amount of credit to be extended. It is
calculated from a composite of weighted scores obtained from each of the major sections
of this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with full
security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.